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Found perfect house but too expensive

 
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amother




OP


Post  Wed, May 15 2019, 11:11 am
We want a very specific neighborhood based on my kids ages, our hashkafa, etc. houses in this area are either tiny like 3 bedrooms or huge. Found a house that’s very well priced for the size it is but it’s a drop too expensive....I’m so torn I really like the house and would be so perfect...
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amother




Taupe


Post  Wed, May 15 2019, 11:13 am
Maybe itll feel better turning it down if u think of how much sacrifice you and your children are going to have to make every month to pull off a mortgage thats just too expensive for you..
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monseymom25




 
 
 


Post  Wed, May 15 2019, 11:14 am
That sounds tough! Are you a first time home buyer? There will be many more costs involved in owning a home than you can imagine now, so keep that in mind as you make a decision.
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doctorima




 
 
 


Post  Wed, May 15 2019, 12:03 pm
Is there any way to make a rental unit out of the basement to help cover your mortgage? Or could you buy it now and rent it out and get enough in rent to cover the mortgage, with the plan of moving in when your income goes up?

Otherwise, there was just a thread here about someone who bought a house but had no idea about all the other expenses that would come up and is now really struggling, so as great as it seems, it won't be perfect when it keeps you up at night because of all the stress of paying for it.
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shabbatiscoming




 
 
 


Post  Thu, May 16 2019, 4:08 am
In my opinion if the price is too expensive then the house is NOT perfect.
You have to be able to afford perfection, no? Wink
We also looked at one specific yishuv at homes for over 10 years and there were a few "perfect" homes but they were all way out of our price range.

OP, if you cant afford it, it isnt meant to be. You have to be able to pay your mortgage Wink
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FranticFrummie




 
 
 


Post  Thu, May 16 2019, 6:45 am
shabbatiscoming wrote:
In my opinion if the price is too expensive then the house is NOT perfect.


THIS

If anything should happen that is a sudden expense, someone loses a job, falls ill, or the roof leaks, that's all it would take to throw everything off. Then the house wouldn't be perfect, it would be a mortgage full of stress.

Just because you have good credit and can qualify for a larger mortgage, doesn't mean you should use it.

I used to flip houses, and made good money at it. Then my last house was a duplex. I rented out the top half, while I remodeled the bottom half and lived in it at the same time. During that period I became extremely ill, and couldn't work. I got behind in my mortgage. I knew I couldn't go on, so I put the house on the market. The real estate bubble burst, and my mortgage went "underwater". Almost overnight, I lost $36,000 in equity.

I got an offer on the house, but the bank refused it and foreclosed. It ruined my credit for the next 7 years, and I've been renting ever since.

Please, buy less than you think you can afford, and make sure you have a LOT of money in savings. I know that pretty houses in good neighborhoods are a dream come true, but you can't make the bank happy with dreams.
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amother




Rose


Post  Thu, May 16 2019, 7:07 am
Don't a lot of people stretch themselves thin and borrow to buy a house? And they hope, they will earn more with experience or whatever? I know you can't live like that. But, we were going to buy in a neighborhood we weren't thrilled about like 4-5 years ago. At that time, it was expensive for us. With parental help, we could've done it. But, we got nervous about the block and didn't go into contract. It wasn't meant to be. The size of the house is just what we were looking for. Since then, the prices went crazy! Yup! It's Brooklyn. The size houses in my neighborhood that are decent are not affordable or they are tiny and need loads of work! Each with it's own problem. We have been paying rent (thousands of dollars over the years). What choice do we have? Now, we make between close to 200k a year and we are stuck.... This is what Hashem has in mind for us. iyH something hopefully will come up. I need to strengthen my emuna!
Regarding this house that you really want, maybe you can borrow some money to make it work? Is it ideal? no! A house comes with loads of expenses! But, if you can make it work, keep davening and Hashem will.help you make the best decision possible. Always seek daas Torah! good luck!
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amother




Ivory


Post  Thu, May 16 2019, 9:45 am
Don't buy. You'll regret it when you're choking. That said, sometimes the asking price doesn't sell and there is a possibility as time goes by with the house unsold, the price may come down. We were in your shoes once and found our dream house. It was large with a ton of space. Outdated, but pretty much move in condition. We waited for the price to drop and then my husband got laid off. We were so happy we didn't buy it because we could not afford it with my husband out of work. He found a new job and we found a different house, which was smaller (but far from small), but much better fit our needs.
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southernbubby




 
 
 


Post  Thu, May 16 2019, 10:31 am
FranticFrummie wrote:
THIS

If anything should happen that is a sudden expense, someone loses a job, falls ill, or the roof leaks, that's all it would take to throw everything off. Then the house wouldn't be perfect, it would be a mortgage full of stress.

Just because you have good credit and can qualify for a larger mortgage, doesn't mean you should use it.

I used to flip houses, and made good money at it. Then my last house was a duplex. I rented out the top half, while I remodeled the bottom half and lived in it at the same time. During that period I became extremely ill, and couldn't work. I got behind in my mortgage. I knew I couldn't go on, so I put the house on the market. The real estate bubble burst, and my mortgage went "underwater". Almost overnight, I lost $36,000 in equity.

I got an offer on the house, but the bank refused it and foreclosed. It ruined my credit for the next 7 years, and I've been renting ever since.

Please, buy less than you think you can afford, and make sure you have a LOT of money in savings. I know that pretty houses in good neighborhoods are a dream come true, but you can't make the bank happy with dreams.


You could make money either starting a blog or writing a book called "How to be frum without going broke" but you can also include words of wisdom on other topics.
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L25




 
 
 


Post  Thu, May 16 2019, 10:36 am
I wouldn't do it. too many extra costs involved. I always suggest having a cushion. Can you put in a bid that you can afford and see if they take it?
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Rubber Ducky




 
 
 


Post  Thu, May 16 2019, 10:45 am
It's only perfect if you can pay the mortgage. Put in a low bid for an amount you can afford. Sometimes you get lucky.

If that doesn't work, buy something you can afford in the neighborhood you like. Iy"H you will be able to renovate or expand in the future.
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amother




Seashell


Post  Thu, May 16 2019, 10:50 am
amother [ OP ] wrote:
We want a very specific neighborhood based on my kids ages, our hashkafa, etc. houses in this area are either tiny like 3 bedrooms or huge. Found a house that’s very well priced for the size it is but it’s a drop too expensive....I’m so torn I really like the house and would be so perfect...




OP, if it's only a "drop" too expensive, why don't you bid what you are comfortable with and see what happens? Even if the broker is telling you there is a better offer and you won't get it, sometimes offers don't go thru for many reasons. I think you should bid you best comfortable price, and you never know.
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Kiwi13




 
 
 


Post  Thu, May 16 2019, 11:12 am
There’s a difference between stretching g yourselves more than you planned and stretching yourselves beyond what you CAN. We stretched ourselves more than planned when we bought our house, and it does make things harder, but we have no regrets because in the long term it was the right choice. It also wasn’t BEYOND our limits, even though it was right up to the maximum we could pull off. Sometimes these things require a leap of faith, but within reason. We passed up other houses before this one, because we knew it would topple us financially. Where that line is in your case, only you can know.

I’m of the opinion that if everything else is perfect and in the long term this is a good move that will be temporarily difficult until your finances catch up, it’s probably a good idea to try. But if it will put you at a major risk financially without a plan to recover, it’s probably beyond your means for now. In that case, offer what you can - or ask for seller concessions or whatever other deal will make it possible for you. You never know.
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naturalmom5




 
 
 


Post  Thu, May 16 2019, 3:54 pm
amother [ Rose ] wrote:
Don't a lot of people stretch themselves thin and borrow to buy a house? And they hope, they will earn more with experience or whatever? I know you can't live like that. But, we were going to buy in a neighborhood we weren't thrilled about like 4-5 years ago. At that time, it was expensive for us. With parental help, we could've done it. But, we got nervous about the block and didn't go into contract. It wasn't meant to be. The size of the house is just what we were looking for. Since then, the prices went crazy! Yup! It's Brooklyn. The size houses in my neighborhood that are decent are not affordable or they are tiny and need loads of work! Each with it's own problem. We have been paying rent (thousands of dollars over the years). What choice do we have? Now, we make between close to 200k a year and we are stuck.... This is what Hashem has in mind for us. iyH something hopefully will come up. I need to strengthen my emuna!
Regarding this house that you really want, maybe you can borrow some money to make it work? Is it ideal? no! A house comes with loads of expenses! But, if you can make it work, keep davening and Hashem will.help you make the best decision possible. Always seek daas Torah! good luck!



Who said you HAVE to stay in Brooklyn... We were renting houses since our oldest was born, and kept getting pushed out, everytime the landlord needed the house for himself or his child. Happened about 5 times.
The last house , the land lord asked us if we could see ourselves living in the house for 22 years. We promised at least 10. After 8 years he gave us a financial incentive to leave and sold the house for 3 times its value.
Now we are stuck in a small apt. If you are still young, I would buy in Hutchnplutch just to own something. You will get a very good investment and your family will have stability...
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